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FDIC Can’t Ease ‘Choke Point’ On Its Own, Industry Says

The Federal Deposit Insurance Corp. on Wednesday took steps to encourage banks to keep doing business with risky corporate clients to ease concerns over the Justice Department’s “Operation Choke Point,” but other regulators will have to enact similar policies to ease fears, industry representatives said.

  • AG Nom Lynch Promises Independent DOJ In Senate Hearing

    U.S. Attorney General nominee Loretta Lynch on Wednesday sought to set herself apart from contentious current Attorney General Eric Holder, as senators pressed her over her stance on immigration, financial, trade secret and cybersecurity issues, as well as a recent Internal Revenue Service scandal.

  • Fraud Suits Targeting Sanofi Over MS Drug Prospects Tossed

    A Manhattan federal judge on Tuesday threw out an investor class action and a related securities fraud damages suit against Sanofi over a 2013 setback in its effort alongside recently acquired Genzyme Corp. to win approval for their Lemtrada multiple sclerosis drug, finding rosy statements predicting on-time approval were genuinely believed when they were made.

  • Faruqi Co-Founders Off Hook In Sex Assault Trial

    A New York federal judge narrowed a lawsuit Wednesday brought by an ex-Faruqi & Faruqi LLP associate allegedly sexually assaulted by partner Juan Monteverde, letting the firm's co-founders off the hook but allowing hostile work environment allegations against Monteverde and the firm to move forward.

  • Judge Says Banks Must Face US-Based Forex Rigging Claims

    A federal judge in New York on Wednesday denied a motion to dismiss a U.S.-based class action alleging that Bank of America Corp., Barclays PLC and other banks rigged foreign exchange markets.

  • Shake Shack Boosts IPO Amid Strong Investor Appetites

    New York-based Shake Shack Inc. plans to serve up a larger initial public offering, boosting its per-share price on Wednesday to land as much as $95 million amid investor hunger for the growing fast-casual, ingredient-conscious hot dog and burger chain.